XY CoIs a Canadian Company Listed on a US Stock Exchange

question 9

Essay

XY Co.is a Canadian company listed on a US stock exchange.In the past,the company prepared a set of financial statements under pre-changeover Canadian GAAP and another set under US GAAP.XY Co.converted to IFRS in 2010 for Canadian purposes,but is still considering preparing a second set of statements under US GAAP.
Required:
What are the current reporting requirements required by the SEC? Should the company be producing two sets of financial statements? Why is there pressure on FASB and the IASB to cooperate in preparing new accounting policy proposals? What do you think FASB will do in the future?

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Definitions:

Cancer Risk

The probability or likelihood that an individual will develop cancer over a certain period of time.

Depression and Stress

psychological conditions where depression involves persistent feelings of sadness and loss of interest, while stress involves feelings of strain and pressure.

Emotional States

Various types of feelings that influence behavior, including happiness, anger, sadness, and fear.

Perceived Ability

An individual's belief about how well they can perform or succeed in a particular task or activity.